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March FOMC minutes and QE3

In my view the FOMC minutes destroy any hope for QE3. The entire statement here.

These are the two main reasons in my view:

“In the economic projection prepared for the March FOMC meeting, the staff revised up its near-term forecast for real GDP growth a little.”

and

“The staff also revised up its forecast for inflation a bit compared with the projection prepared for the January FOMC meeting, reflecting recent data indicating higher paths for the prices of oil, other commodities, and imports, along with a somewhat narrower margin of economic slack in the March forecast.”